Accounting blip and Japan summit lift the FTSE
Fiona Cincotta June 28, 2019 10:37 AM
The FTSE is trading higher led by property firms and miners and helped by a slightly more optimistic sentiment in Europe ahead of the key Trump-Xi summit in Japan this weekend.
The FTSE is trading higher led by property firms and miners and helped by a slightly more optimistic sentiment in Europe ahead of the key Trump-Xi summit in Japan this weekend. Also, through some clever revision at the Office of National Statistics Britain’s economy has just gained GBP 26 billion, a little a bit of positive news at a time when Britain’s economic growth is grinding to a halt.
House builders are the main gainers in London led by Berkeley Group which has attracted some speculative trading after a positive analysts’ note
Cable undecided ahead of the G20 meet
Sterling traders remain very, very cautious and price moves against the dollar are barely palpable. On the pound side of the equation the wait for the outcome of the Tory leadership race is preventing more serious position taking, on the dollar side the market is in a limbo ahead of the G20 meet between the Chinese and US presidents.
OPEC meeting around the corner, oil weaker
At this stage the outcome of the OPEC meeting in Vienna on Monday seems to be a done deal. Most of the major players have already indicated that the group plans to extend production cuts put in place in December and there has been no major dissenting voice among the oil producers. Still, Brent crude is a touch lower ahead of the meeting as the market has already factored further cuts into the price.
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